1Fort, a new player in the business insurance sector, has successfully raised $7.5 million in a funding round that attracted significant interest. Bonfire Ventures led this oversubscribed round, with other notable participants including Draper Associates, Ramp’s founder Karim Atiyeh, and existing investors like Village Global and Operator Partners. With this latest investment, 1Fort’s total funding has now reached $10 million.
The company aims to streamline the insurance process for businesses, which often rely on brokers and agents. Many businesses find this process slow and cumbersome, leaving them underinsured. 1Fort is looking to change that by using artificial intelligence to help brokers secure better insurance policies more efficiently.
The new funding will help 1Fort enhance its platform, making it easier for brokers to work with carriers and clients. The AI-driven platform automates several tasks, such as filling out insurance applications, comparing quotes, and integrating payment options. Brokers using 1Fort report saving up to two hours per submission and boosting their success rate in binding policies by up to 20%.
In addition to its core offerings, 1Fort provides risk management software that helps businesses handle their insurance policies and prevent potential claims. The company has seen impressive growth, with revenue increasing nearly 200% month-over-month in 2024. It has already established partnerships with more than a dozen prominent brokerages and insurance carriers, including Arch and Tokio Marine HCC.
Jim Andelman, co-founder of Bonfire Ventures, expressed enthusiasm about the potential for AI in the insurance industry. He believes that 1Fort is well-positioned to make a significant impact in this vast market. As the company continues to innovate and expand, it aims to reshape how businesses approach their insurance needs.